The Federal Reserve Board, the FDIC and the OCC issued final guidance for banking organizations on managing the risks associated with third-party relationships.

Banking agencies proposed a rule that would require mortgage originators and secondary market issuers to "adopt policies, practices, procedures, and control systems to ensure that automated valuation models used in certain credit decisions or covered securitization determinations adhere to quality control standards."

The OCC updated its guidance for examiners on assessing a bank's liquidity risk management practices.

Bank regulators reminded firms that USD LIBOR will cease on June 30, 2023, and that firms should act quickly to complete transition efforts.

The OCC, Federal Reserve Board, FDIC and National Credit Union Administration revised an interagency policy statement on allowances for credit losses. The revisions were in response to amendments the Financial Accounting Standards Board made to GAAP accounting standards on the topic in March, 2022.